Earned Income Tax Credit – Good News

WOW! I can’t believe after all of these years the Internal Revenue Service has finally realized some people have more than two children. For everyone who has claimed earned income tax credit before you know the maximum credit you could receive was for two kids with a maximum of approximately $4k per year.

This year the law has changed and now you can receive credit for three children. I know that’s exciting for someone with more than three children; however, it’s a start it has taken a very long time for us to get to this point. When my children were small and my income was in the $15k dollar range I could only receive credit for two. I didn’t think it was fair since I had three mouths to feed and clothed with a small income.

Now the other good stuff the salary range has increased if you had more than three kids living with you and you made less than $43,279 you may be able to take the credit. Let’s look at an example:

Let’s say Jane had three kids and her EARNED income from working was $12,700 and she paid $1,905 in taxes for this example her refund would be:

Earned Income Tax Credit – $5,657
Federal Income Tax Withheld – $1,905
Total Refund: $7,562

Remember, this is just an example; but, that was a great refund to me anyway. Before claiming the credit make sure you meet all the requirements.

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